WeChat Tightens Payments Policy & Bans Users for Crypto Trading

Popular Chinese multi-purpose messaging, social media and mobile payment app, WeChat, has updated its payments policy in order to prevent illegal crypto-related trading in China, states Dovey Wan, the founding partner at Primitive Ventures.

Wan claims that merchants can’t serve any token issuance/fundraising or crypto trading activities. In the case of violation of this prohibition, these accounts will be blocked.

In the meantime, the Founder of cryptocurrency exchange Binance, Changpeng Zhao (CZ), claims such a move is "a classic example of short term pain, long term gain."

This is a classic example of short term pain, long term gain.

It is inconvenient for people short term, and they take a hit. But long term, it is precisely this type of restriction of freedom that will push people to use crypto. Not a bad thing.

Last year, WeChat blocked a number of accounts related to cryptocurrencies. According to the publication, accounts belonging to Jinse and Deepchain portals were the first ones to be blocked. Back then, the administration of the service explained that it had examined the accounts "after receiving user complaints."

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